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NEWS: Singapore lawmakers green light ground-breaking ‘Cosmic’ fincrime data-sharing platform between six banks, regulator

Premium May 11, 2023

COSMIC: A general view of the Singapore Central Business District skyline at Marina Bay. Describing the platform as “ground-breaking”, HSBC Singapore chief compliance officer Jamil Ahmed said the initiative “will place Singapore as a market leader in the global fight against financial crime”, while Citi Singapore country chief compliance officer Dylan Lee said the move will result in a safer banking environment for clients and bolster Singapore’s position as a financial centre.

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NEWS: Kinahan Cartel sanctioned when gang became ‘nexus’ between organised crime and Iranian-backed terrorism, reveals intelligence chief

NEWS: EU new AML Authority (AMLA) is ‘hotly sought after agency’ that will attract ‘clustering’ of companies, says Eurogroup President

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ANALYSIS: Inside Europe’s money mule gangs infiltrating bloc’s colleges, tech companies and banks – top economic crime detective

SINGAPORE’s parliament has voted in favour of the city-state’s new AML sharing database, known as ‘Cosmic.’ The centralised digital platform is set to be a game-changer for the Asian financial centre, supporters say, describing it as “ground-breaking.” The changes to the law passed on Tuesday allow banks to share information when they detect suspicious transactions…

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Premium

NEWS: Kinahan Cartel sanctioned when gang became ‘nexus’ between organised crime and Iranian-backed terrorism, reveals intelligence chief

NEWS: EU new AML Authority (AMLA) is ‘hotly sought after agency’ that will attract ‘clustering’ of companies, says Eurogroup President

 Premium

ANALYSIS: Inside Europe’s money mule gangs infiltrating bloc’s colleges, tech companies and banks – top economic crime detective

Regulatory Watch News

  • Lithuania: 27 arrested in probe into fraud involving up to €750 000 in funds for young farmers

    European Public Prosecutor's Office

    Last week, on behalf of the European Public Prosecutor’s Office (EPPO), the Lithuanian Financial Crime Investigation Service (FCIS) carried out 46 searches and arrested 27 suspects for fraud involving up to €750 000 in funds for young farmers. Three of the suspects have been placed in detention. The searches, which involved almost 100 FCIS officers (Finansinių nusikaltimų tyrimo tarnyba), were carried out in the counties of Vilnius, Kaunas, Panevėžys, Šiauliai and Klaipėda. On the radar of the investigation, carried out by the EPPO’s European Delegated Prosecutors in Vilnius (Lithuania), in cooperation with the FCIS, are four business partners managing companies providing agricultural services.

  • Website Alert – Fraudulent website related to Hang Seng Bank, Limited

    HKMA

    The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Hang Seng Bank, Limited relating to a fraudulent website, which has been reported to the HKMA.  A hyperlink to the press release is available on the HKMA website.

  • One of Europe’s biggest pirate IPTV services taken down in the Netherlands

    Europol

    Europol has supported the Dutch Fiscal Information and Investigation Service (FIOD) in taking down an illegal IPTV (Internet Protocol television) service serving over 1 000 000 users across Europe.
    On 23 May, a series of raids were carried out across the Netherlands as part of an illegal streaming crackdown. The officers from the FIOD searched properties in various locations in The Netherlands. Several individuals were arrested on suspicion of involvement in the illegal streaming of premium content.

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